Fuel rate hike announced

The nation’s two refiners yesterday said that they were raising gasoline and diesel prices for a second week in a row to reflect rising fuel costs triggered by continued political unrest in Ukraine.

The higher global crude oil prices also came as violence renewed in Libya and after the US Energy Information Administration reported last week a sharp and unexpected drop in oil inventories, raising concerns about supplies for the summer.

Prices of gasoline and diesel would be raised by NT$0.2 per liter, both CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said in their statements.

The new rates come into effect today.

Under CPC’s pricing mechanism, which links domestic fuel rates to Dubai and Brent crude oil prices, its average crude oil cost rose 0.87 percent to US$107.88 last week from the previous week.

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